CBSE BOARD X, asked by YOURSELF8216, 5 hours ago

Mention the importance of transactions through cheque using any two
examples other than given in your textbook.​

Answers

Answered by mohammedshifan
0

A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.

A cheque sample from Canada, 2006

A cheque with Thomas Jefferson as payee and payor from 1809

A cheque from 1905

A cheque from 1933

Definition of a cheque as per The National Provincial Bank circa 1968 was "an unconditional order in writing drawn on a Banker, signed by the drawer, instructing the Banker to pay on demand a sum certain in money to or to the order of a specified person or to Bearer and which does not order any act to be done in addition to the payment of money".

Although forms of cheques have been in use since ancient times and at least since the 9th century, it was during the 20th century that cheques became a highly popular non-cash method for making payments and the usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or around the early 1990s.[1] Since then cheque usage has fallen, being partly replaced by electronic payment systems. In an increasing number of countries cheques have either become a marginal payment system or have been completely phased out.

Answered by reenasugar2019
0

Answer:

The cheque is an important negotiable instrument that can be transferred by mere hand delivery. The cheque is used to make a safe and convenient payment. It is less risky and the danger of loss is minimized.

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